Oil & Gas Corporate News
Rockhopper (LON:RKH) Exploration (BUY, £5.00) (RKH, 222p, ? (3.98%)) has entered into an assignment agreement to secure three firm additional well slots on the Ocean Guardian drilling rig. Rockhopper intends to utilise these three well slots after Desire Petroleum plc completes drilling operations on its next well, which follows the appraisal well currently being drilled by Rockhopper. Rockhopper further announces that the acquisition of new 3D seismic data to the south of the Sea Lion discovery well, on licence PL032, has been completed and the Company intends to fast track the processing of this data. It is anticipated that the resulting processed data will become available to the Company during July 2011. The wider seismic acquisition programme, over areas of licences PL024, PL032 and PL033 and adjacent areas, is ongoing.
Falkland Oil & Gas (BUY, £2.50) (FOGL, 77.25p, ? (1.58%)) published final results for the twelve months ended 31 December 2010. After an unsuccessful first exploration well in 2010, the focus now is on securing a suitable deep water rig to enable us to drill the large prospects we have identified in the deep water areas of our licences. Rig contract negotiations are at an advanced stage and we will make a further announcement when appropriate. Meanwhile, the Company has commenced further work in order to broaden the range of potential targets for the deep water drilling programme.
Cove Energy (LON:COV) (COV, 87.5p, ? (4.79%)) provided an operational update highlighting the exploration success in 2010 and laying out the plans for appraisal and commercialisation of discoveries as well as continuous exploration in 2011. The acquisition of a new 3D seismic survey in underway and a second deepwater rig will be deployed later this year, ensuring continuing exploration of the gas and oil potential within this prolific offshore block, which has only been partially explored to date. 'In the Kenya deepwater blocks a 3D seismic survey is planned this year followed by drilling planned for 2012. It has been indicated that a rig slot may be available to the Kenyan partnership from the rig capacity of the Mozambique programme during 2012 or 2013. Also the Company is actively pursuing a number of new venture opportunities which is important for continued growth.
Salamander Energy (LON:SMDR) (SMDR, 281p, ? (0.64%)) provided…
